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MEG, Cenovus, Nexen disappoint in Q3

Some disappointing third quarter results for oil sands companies.

MEG Energy lost more than 115 million dollars, compared with a profit of 20 million a year ago.

Maintenance costs at its Christina Lake project more than doubled.

Nexen’s profits went down by almost two-thirds because of lower production and falling sales.

Its Long Lake project is still producing less than 40% of what it was designed for.

And Cenovus profits were more than twenty percent lower than analysts expected, but that was mainly because of conventional oil output – their oil sands production was up 14%.